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Coforge teams up with FundMore to offer compliance automation solutions for mortgage lenders
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Noida-based IT firm Coforge Limited, on Monday, partnered with Canadian mortgage underwriting software firm FundMore to develop a platform designed to automate quality control (QC), risk management and regulatory compliance in the mortgage lenders in Canada, the company announced through an exchange filing.
The mortgage industry is subject to increased regulatory scrutiny in recent times, requiring efficient and accurate loan production. As a result, quality control and compliance have emerged as top priorities for financial institutions, the company said. Besides, compliance automation has several benefits that address the challenges faced by the industry, propelling it toward greater efficiency and accuracy, it said.
QC automation substantially reduces the time and effort needed for reviewing loan files using OCR technology, rules engines and automated workflows. It enables financial institutions to conduct comprehensive audits and implement quality control measures, ensuring every relevant data point is considered during quality reviews. The partnership would help financial institutions to enhance the overall efficiency of their quality control and compliance processes.
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“We spoke with many lenders and identified a gap in the current process. Lenders and insurers are unable to perform QC at scale for the loans that they are producing or insuring," said Chris Grimes, CEO FundMore.
"Working with Coforge, we have developed a way to automate these compliance tasks using their Copasys platform. We can now ensure that every loan is reviewed against lending guidelines to identify deficiencies upfront,” he added.
"Lenders and insurers will have greater transparency into risks at a loan level, enabling them to make more informed decisions going forward,” said Maddee Hegde, EVP and Head – Coforge BPS.
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Despite reported 45% YoY drop in its net profit, Coforge crossed the $1 billion revenue milestone in the March quarter, the company said while declaring its annual results in April 2023. Notably, its Q4FY23 profit surged by as much as 44.7 per cent YoY to ₹114.8 crore compare to ₹207.7 crore during the same quarter in the previous financial year.
The IT solution provider's banking, financial services and insurance segment remained insulated from the ongoing banking crisis. Moreover, the company's exposure to regional banks in the US remained unaffected. The company had earlier stated that its exposure to the US banking sector is limited and it didn't see the crisis affecting its performance.